Oil prices jumped, Brent to $110.77 (+1.7%) and WTI at $111.95 after an 8% surge, driven by Strait of Hormuz tensions.
President Donald Trump set an 8 p.m. ET Tuesday deadline for Iran to reopen the Strait, warning of severe consequences.
Iran’s spokesperson Seyyed Mohammad Mehdi Tabatabaei said transit would resume only if revenue shares compensate war‑related damages.
OPEC+ announced eight members will raise output by 206,000 bpd in May, though traders doubt immediate market impact due to logistics.